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Game maker Acclaim files for bankruptcy
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“Video game publisher Acclaim Entertainment, which has been hampered by a lack of hit titles, filed for bankruptcy liquidation on Thursday after failing to line up new financing.
The move was not a surprise. Acclaim, one of the oldest brands in the industry, has been known as much for failures like “Turok: Evolution” and controversial titles like “BMX XXX” as it has for its successes in the highly competitive game industry.
The company, which filed for bankruptcy to liquidate its assets under Chapter 7 of U.S. Bankruptcy Code, has also faced lawsuits from some of its top licensees, including ones from teen superstars Mary-Kate and Ashley Olsen and biking legend Dave Mirra. “